$70b opportunity to make us $3000 a year better off

AUSTRALIANS could be $3000 a year better of if our business leaders tapped into a $70 billion opportunity identified by a new report.

The Westpac Businesses of Tomorrow report, by Deloitte Access Economics, has found the opportunity to increase Australia's economic ranking in the world thorugh better business leadership.

Australia could lift from 19th to 14th in the world if businesses had a better strategy and clear leadership.

While Aussies love to blame government and general economic conditions for business failures, the Westpac report says some of the blame lies with corportate leadership.

Businesses' own decisions and strategies drive their success, not just economic conditions and industry trends, the report says.

David Lindberg, Westpac Chief Executive, Business Bank said, "This report highlights the importance of business success. When businesses thrive we all thrive."

"One of the biggest levers Australia can pull to promote business success is to support the capabilities and confidence of all business leaders.

"This confidence can translate into a multi-billion dollar opportunity for the nation's economy."

Some of the secrets of success highlighted in the report includes a better focus on connectivity, management and strategy skills, international experience and fit-for-purpose education.

"As we transition to a services led economy, it's vital the 2.1 million active businesses across Australia are supported to succeed in a changing world,'' Mr Lindberg said.

"Westpac developed Businesses of Tomorrow to help leaders in acquiring the skills they need today to empower them to succeed tomorrow. It's our hope that finding and fostering these businesses every year will help Australia capitalise on this billion dollar opportunity.

"Beyond this, we expect new opportunities to arise from the connections formed between businesses in the program.

"We know the power of bringing big and small business together; more than half of small businesses receive the majority of their income from other businesses and over a third of large businesses have SMEs as their largest suppliers.

"We envision the collaboration inspired by the program to produce one of the most significant long term paybacks to the economy," said Lindberg.

The 200 Businesses of Tomorrow will be chosen based on criteria such as their business purpose, contribution to customers and the community, current strengths and vision for the future.

A group of 20 businesses will be selected for international study tours, mentoring and $100,000 in professional services.